I want my kids to takeover the family business

Business Succession

Business Succession

Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security

Purpose

Addresses all eventualities including the possibility of death, critical illness or disability of a business owner.

Who’s this for?

Key Person

Shareholder

Buy Sell Arrangement

Business Loan/Overhead Risk

Benefits

Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.

If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.

Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.

Latest News

For young families, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic addresses the importance of insurance- personal insurance.

The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible.
"If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify." - PM Justin Trudeau

The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19.

http://legacywealthcanada.com/wp-content/uploads/2020/05/CESB_Starts_Friday@2x.png6401000Legacy Wealthhttp://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.pngLegacy Wealth2020-05-12 14:36:032020-05-13 13:36:06Apply starting Friday for Canada Emergency Student Benefit! Help on the way for seniors.

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Legacy Wealth Advisors is a completely client-focused financial services company founded on the principals of providing clients with an Elite Advisory experience, while empowering them to achieve financial independence.